- Krueger's Appointment for Further Development and Growth -
Solidarity, one of largest Takaful Companies in the World, has appointed Mr. Udo R. Krueger as an independent member of the board of directors. Mr. Krueger's appointment comes at an interesting junction of Solidarity's growth where his extensive experience adds wealth of knowledge which will help in the overall strategic direction of the firm.
Solidarity offers Takaful products that comply with the principles of Sharia'h with the highest standards of services possible along with competitive range of Funds and Fund Management capabilities to match the needs of individuals, families, and businesses.
The Takaful (Islamic insurance and Assurance) market is increasingly being recognized by the world's financial industry for its market-driven initiatives, credibility and strategic growth. In light of the industry's rapid development and Solidarity's direction for further penetration into key international markets; the Solidarity's Board of Directors has appointed Mr. Krueger to capitalize on his vast experience and knowledge within this industry.
Mr. Krueger has over 30 years of industry experience with a special emphasis in Insurance and reinsurance. Mr. Krueger experience includes working as the CEO of Arab Insurance Group (ARIG) in the Kingdom of Bahrain. He also worked as the Managing Director of Allianz Insurance, before he became the CEO of the same in Singapore. Mr. Krueger worked as the GM of Allianz Versicherungs - AG in the UAE. He started his career as a Division Manager with Delvag Luftfahrtversicherungs - AG in Germany.
In addition to his rich management and executive experience, Mr. Krueger participated in several Boards of Directors. For instance, he was the chairman of Gulf Warranties Ltd, Arima Software Solutions and ARIG Re. Besides, Mr. Krueger was the Director of the Arab Jordanian Insurance Group, CNIA Assurance in Morocco, Navakij Insurance Public Company Limited in Thailand, AGF Insurance Pte. Ltd. in Singapore and Allianz Insurance Management Asia Pacific Pte. Ltd.
Commenting on his appointment, Mr. Krueger said: "I am really looking forward to joining Solidarity's Board of Directors and playing part of the overall strategic team. Solidarity is a leading global provider of Sharaia'h Compliant insurance and assurance products and services. The firm was set up in response to the growing demand for Takaful (Islamic insurance and assurance) products. From this premises, I hope to add value in identifying means to strengthen the company's global image and reputation."
"This challenging role enables me to utilize my 30 years of experience and be involved in this global financial giant, Solidarity, operating in a dynamic industry which has evolved rapidly over the past few years." added Mr. Krueger.
Dr. Abdul Aziz Abul, Solidarity's Secretary of the board of directors, commented": we are pleased to welcome Mr. Krueger to our board of directors. Mr. Krueger is an asset to the company and has extensive experience and reach in this field. Mr. Kruger will add a different dimension to our distinguished board of directors and hence help in shaping Solidarity's global position as the largest Takaful Company."
-Ends-
About Solidarity
Established as one of the leading companies in the Arab world with US$ 100 million in paid up capital, Solidarity is one of the largest Takaful Company in the world. Solidarity has announced a capital injection to its paid up capital (US$100 million) of US$175 million increase and to its authorized capital (US$ 300 million) of US$200 million. The capital increase was approved at the company's Annual General Meeting held in the Kingdom of Bahrain.
Solidarity is a company incorporated under the laws and regulations of the Kingdom Bahrain. Our main purpose is to focus on providing Takaful products that comply with Islamic Sharia'h across the GCC and selected Middle Eastern, Asian, and European countries.
Solidarity has been set up in direct response to the growing demand for Family and General Takaful products across the region. Realizing the scope of this unique and ever-expanding Islamic system of insurance and assurance, Solidarity is poised to lead the way in providing a diverse range of prudent saving and investment opportunities with Takaful Protection Benefits - designed to give the ultimate peace of mind - ideally suited for retirement, wealth accumulation, education, and other family and individual plans. Along with the family related plans, Solidarity provides the utmost safety and protection against the widest possible risks through a range of General Takaful products like: Motor, Home, Marine, and health.
© Press Release 2006
